Canada
Gross Domestic Product
Contribution to quarterly change in real gross domestic product, SA
Illustrates the contribution of major expenditure components to the quarterly change in Canadian gross domestic product. Each bar decomposes the net quarterly change in real output into key categories, showing how much each component has added to or subtracted from overall growth.
Canada
Net Change in Employment
Employment, monthly change, SA, updates monthly
The Net Change in Employment measures the monthly change in the number of people employed. In Canada, the estimate includes both full-time and part-time employment and includes the number of persons who work for pay or profit, or perform unpaid family work. Markets monitor this number to gauge the strength of consumer spending, which impacts economic growth and monetary policy expectations.
Canada
Unemployment Gap
Canada-US unemployment rate gap, SA
Illustrates the difference between unemployment rates in Canada and the United States over time. The two unemployment rates are calculated differently and represent structurally-different economies, but the gap between them nonetheless highlights relative labour market slack between the two economies. Historically, widening Canadian slack relative to the US has tended to coincide with a weaker Canadian dollar (higher USDCAD) after a lag, while a narrowing gap has been associated with Canadian dollar strength.
Canada
Consumer Price Index
Consumer Price Indices, annual change, %, updates monthly
The Consumer Price Index is a measure of the change over time in the average prices paid by consumers for a market basket of consumer goods and services. As the most widely used measure of inflation, changes in the index are closely followed by policymakers, financial markets, businesses, and consumers. Statistics Canada reports an ‘All-Items’ number that includes all categories in the calculation basket, three preferred measures of core inflation preferred by the Bank of Canada: 'Trim', which excludes components whose rates of change in a given month are located in the tails of the distribution of price changes, 'Median', which corresponds to the price change located at the 50th percentile of the distribution of price changes in a given month, and 'Common', which tracks common price changes across categories. The Trim and Median measures are seasonally adjusted, All-Items and Common are not.
Canada
Policy Rate
Bank of Canada Target for the Overnight Rate, %
The Policy Interest Rate is an overnight interest rate that the Bank of Canada targets in order to influence monetary variables in the economy, including consumer prices, exchange rates, and credit growth. The Bank of Canada adjusts the target for the overnight rate on eight fixed dates each year.
Canada
Money Supply Growth
M2 Money Supply, annual change, %, SA, updates monthly
M2 Money Supply is a measure of currency that includes cash, checking deposits, and non-cash assets that can easily be converted into cash. Markets don’t typically respond directly to changes in M2, but growth in the money supply can influence inflation, interest rates, and exchange rates over longer time horizons.
Canada
Bank of Canada Assets
Bank of Canada Total Assets, billions CAD, updates monthly
The Bank of Canada’s Balance Sheet is a financial statement that shows what the central bank owes and owns. The Bank’s assets consist primarily of Government of Canada and provincial bonds. Its liabilities are mostly currency in circulation, commercial bank reserves, and collateralized reverse repurchase agreements. The balance sheet is used to influence interest rates – when officials want to stimulate the economy, it expands, and when they wish to tighten financial conditions, it shrinks.
Canada
Debt Ratios
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates quarterly
Aggregate Debt Ratios measure the total borrowing of the general government, non-financial corporate, and household sectors, expressed as a share of gross domestic product. Total debt is followed by investors as a gauge of the vulnerability of an economy to financial shocks. An overly fast pace of debt growth is also frequently associated with a buildup of unproductive investment and excessively high asset valuations.
Canada
Trade Balance
Trade Balance, balance of payments basis, billions CAD, SA, updates monthly
The Trade Balance measures the difference in value between imported and exported goods and services over the reported period. A positive number indicates that more goods and services were exported than imported – generating a trade surplus – and a negative number indicates a deficit. Trade imbalances may reflect fleeting differences in growth rates or more permanent factors in the composition of growth or the endowment and price of natural resources.
Canada
International Investment Position
Credit to General Government, Non-Financial Corporate, and Household Sectors, % of gross domestic product at market value, updates annually
The Net International Investment Position is the difference between the external financial assets and liabilities of a nation. A nation with a positive position is a creditor nation and is generally considered a safe haven in financial markets. A nation with a negative position is a debtor nation, with deeper balance of payments vulnerabilities.
Latest Analysis
Market swings continue
05 March, 2026
• Oil jump. Another move higher in oil prices because of Middle East concerns dampened risk sentiment. Equities fell. USD firmer. AUD underperforms.• Macro worries. Higher energy prices pose an upside...
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05 March, 2026
Good morning. Currency markets are still struggling to navigate conflicting signals from the Middle East. Iran’s deputy foreign minister reportedly told Sky News Arabia that Tehran might be willing...
Markets enjoy moment of respite on hopes for end to Mideast conflict
04 March, 2026
An uneasy sense of calm is settling on currency markets this morning as signs emerge that the conflict in the Middle East may be approaching a negotiated end. According to the New York Times, Iranian intelligence...
Middle East concerns rattle markets
03 March, 2026
• Market swings. Middle East conflict generated a burst of volatility overnight. Equities declined, oil prices rose. AUD traded in a ~2.5% range yesterday.• Macro news. AU Q4 GDP today. RBA Gov. Bullock...
Dollar powers higher as Mideast conflict widens
03 March, 2026
Good morning. The dollar is steamrolling its major rivals for a second consecutive session as geopolitical risks and inflation fears reinforce one another. With the conflict in the Middle East showing...
Volatility rises as conflict spreads, but currency movements remain restrained
02 March, 2026
Good morning. Financial markets are experiencing violent price action after the weekend’s US-Israeli strike on Iran triggered a classic—if short-lived—flight to safety and a sharp repricing in global energy...
Duck & Cover
01 March, 2026
• Geopolitical nerves. US/Israel conflict with Iran has dampened risk sentiment in early Asian trade. USD firmer. NZD slips back. AUD underperforms.• Lingering risks. Market nervousness may persist for...
Currency markets brace for modest moves as Iran strikes fail to shift strategic calculus
01 March, 2026
Currency markets are set for a jolt when trading resumes this afternoon, though the reaction may prove less dramatic than the weekend’s headlines might suggest.
US and Israeli strikes on Iran have sent...
US and Israel launch regime change attempt in Iran, potentially roiling markets
28 February, 2026
The US and Israel launched air strikes on Iran earlier this morning, with the apparent aim of overthrowing the regime that has ruled since 1979. In an early-morning address, US president Donald Trump said...
Currency ranges hold as risk appetite softens
27 February, 2026
Good morning. Tensions between the US and Iran, doubts about the sustainability of the artificial intelligence boom, and uncertainty over the Trump administration’s tariff plans are restraining risk...